Quotes Of The Year, Part One Executive Transactions Names In The News Mayne-Nicholls: England Bid Was Best Tour Of Ireland Could Return In 2016 LTA Prize Funding Cut Sparks Fury Qatar Eyeing EPL Tottenham Hotspur Levski Sofia: Salaries 75% Of '15 Budget Subway Ramps Up Liverpool Sponsorship Wanda Emerges In Infront Media Auction
SBD Global/November 21, 2013/FranchisesPrint All
Scottish Premiership Heart of Midlothian administrators BDO "have opened 'tentative' talks with the insolvency firm in control of UBIG with just two days left to strike the deal which could save the club from liquidation," according to the SCOTSMAN. However, the stricken Tynecastle outfit has "still been given no indication how the fallen investment giant will vote at Friday’s creditors meeting." UBIG, Hearts’ majority shareholder with 49.9%, is currently "being run by Vilnius-based UAB Bankroto Administravimo Paslaugos after being formally declared bankrupt last week." The bid, which has been tabled on behalf of fans’ group Foundation of Hearts, is worth £2.5M ($4M). However, that fee "will be paid solely to Ukio Bankas, as the club’s only secured creditor." UBIG, on the other hand, is "effectively being offered nothing in return for their 'yes' vote." But, given its debt is effectively worthless, BDO is hopeful it "can be convinced to accept the terms" (SCOTSMAN, 11/20).
EPL Hull City Owner Assem Allam "has offered to refund any of the club's season-ticket holders who are unhappy about the name change he has proposed for the Yorkshire side," according to the PA. While the club's "playing name" is still Hull City AFC, Allam "changed the company name to Hull City Tigers ahead of this season." In the belief the adjustments "will help make for a more marketable brand worldwide, he is now intending to have the playing name altered to Hull Tigers for next term," an application which will need to be made to the FA by April 1. Despite protests led by Hull fans' group City Till We Die, Allam "has made clear his determination to press on with his plans." And regarding the supporters, the Egypt-born 74-year-old said, "There's no need for a referendum. The crowd we get inside the stadium is the perfect referendum. Fans can choose to vote with their feet. If they are not happy, they can stay away. I am also willing to refund any unhappy season ticket holder who wants their money back" (PA, 11/20).